兆易创新：业绩符合预期，盈利能力稳步修复

Investment Rating - Maintain "Recommend" rating for the company [1][4] Core Views - The company's 2024 interim results met expectations, with H1 revenue reaching 36.09 billion yuan, a year-on-year increase of 22%, and net profit attributable to the parent company of 5.17 billion yuan, a year-on-year increase of 54% [2] - In Q2 2024, the company achieved revenue of 19.82 billion yuan, a year-on-year increase of 22%, and net profit attributable to the parent company of 3.12 billion yuan, a year-on-year increase of 68% [2] - The company's gross profit margin in H1 2024 reached 38.16%, an increase of 4.74 percentage points year-on-year, and the net profit margin increased to 14.33%, up 3.0 percentage points year-on-year [3] - The company's market share continues to expand, with orders on hand reaching 20.8 billion yuan as of Q2 2024, expected to be fully converted into revenue within the year [3] Financial Performance - Revenue is expected to grow from 57.61 billion yuan in 2023 to 105.92 billion yuan in 2026, with a compound annual growth rate of 22.5% [2] - Net profit attributable to the parent company is forecasted to increase from 1.61 billion yuan in 2023 to 19.65 billion yuan in 2026, with a significant year-on-year growth of 624.22% in 2024 [2] - The gross profit margin is expected to rise from 34.42% in 2023 to 42.82% in 2026, reflecting improved profitability [2] - The company's EPS is projected to grow from 0.24 yuan in 2023 to 2.95 yuan in 2026 [2] Business Segments - In H1 2024, the storage business contributed 26.05 billion yuan in revenue, a year-on-year increase of 29%, driven by DRAM market recovery and product competitiveness [3] - The MCU business generated 8.05 billion yuan in revenue, a year-on-year increase of 4%, with over 600 product models covering multiple process nodes [3] - The sensor business achieved revenue of 1.92 billion yuan, a year-on-year increase of 9%, with the subsidiary Silan Microelectronics turning a profit in H1 2024 [3] Market Strategy - The company prioritizes market share expansion, with a focus on DRAM, MCU, and sensor segments, leveraging product competitiveness and cost control [3] - The company has optimized its DRAM product lines, covering DDR3 and DDR4, and expanded applications in network communication, TV, and automotive sectors [3] - In the Flash segment, the company has achieved full coverage of automotive-grade products and expanded into industrial and network communication markets [3]